Question 8 Not yet answered Marked out of 1.00 p Flag question The inventory account before adjustment at the end of the year amounts to 17,000. The value of the closing inventory at the end of the year is 18,000. This means that the adjusting entry required on 31 December 2020 should be to: Select one: a. Increase the inventory of goods by 1,000 and decrease the cost of goods sold by 1,000 o b. Increase the inventory of goods by 18,000 and decrease the cost of goods sold by 18,000 O c. Increase the inventory of goods by 18,000 and increase the cost of goods sold by 18,000 o d. Increase the inventory of goods by 1,000 and decrease the impairment losses by 1,000